The board of the U.S. Export-Import Bank approved a nearly $5 billion loan for a long-delayed LNG project in Mozambique, clearing a key hurdle to restarting the project under development by French oil major TotalEnergies.
The Export-Import Bank had previously agreed a $4.7 billion loan for the $20 billion project under President Donald Trump’s first administration, but it needed to be re-approved after construction on the project was frozen in 2021 due to violent unrest in the nearby northern Cabo Delgado region — before any disbursements were made.
TotalEnergies CEO Patrick Pouyanne said last month that he expected financing from the United States to be approved in coming weeks, with other credit agencies to follow in the months after.
The company had been waiting for loan re-approvals from the United States, UK and Dutch export credit agencies before lifting a force majeure on the project that has been in place
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